Mar 31, 2013
1 NATURE OF OPERATIONS
Incon Engineers Limited (the Company) has been incorporated on
13.02.1970. At present the Company is engaged in the business of
manufacturing of Chemical process equipment and agricultural machinery
2 BASIS OF ACCOUNTING
The financial statements have been prepared to comply in all material
respects with the Notified accounting standards by Companies
(Accounting Standards) Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956. The financial statements have
been prepared in accordance with the generally accepted Accounting
Principles in India under the historical cost convention and on accrual
basis, except in case of assets for which provision for impairment is
made and revaluation is carried out. The accounting policies are
consistent with those used in the previous year.
3 The details of the transactions with related parties to be disclosed
as required by Accounting Standard -18 are as follows.
a) Names of Related parties and description of relationship. i) Key
Management Personnel : Sri Sreedhar Chowdhury.
Managing Director. ii) Relatives of Key Management : Not Applicable
Personnel iii)Associates : Oxeeco Meditek Private Limited
:.Oxeeco Technologies Private Limited,
: The Oxeeco Limited.
: Fusion Lastek Technologies Private Limited
4 In terms of Accounting Standard (AS 28) on "Impairment of Assets",
as notified by the Companies (Accounting Standards) Rules, 2006 (as
amended), the management has carried out the assessment of impairment
of assets and no impairment loss has been recognized during the year.
5 Previous year figures are regrouped and reclassified where ever
necessary to make them comparable with those of current year.
Mar 31, 2012
1. NATURE OF OPERATIONS
Incon Engineers Limited (the Company) has been incorporated on
13.02.1970. At present the Company is engaged in the business of
manufacturing of Chemical process equipment and agricultural machinery
2. BASIS OF ACCOUNTING
The financial statements have been prepared to comply in all material
respects with the Notified accounting standards by Companies
(Accounting Standards) Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956, The financial statements have
been prepared in accordance with the generally accepted Accounting
Principles in India under the historical cost convention and on accrual
basis, except in case of assets for which provision for impairment is
made and revaluation is carried out. The accounting policies are
consistent with those used in the previous year.
a. Rights attached to equity Shares :
The company has only one class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share. The company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
3. DEFERRED TAX ASSETS (Net)
The Company does not have any current income tax as per the normal
provisions of the Income tax Act, 1961 . In view of the ineligibility
to assess future taxable income under normal provisions, the extent of
net deferred tax asset which may be adjusted in the subsequent years is
not ascertainable with virtual certainty at this stage and accordingly
in terms of Accounting Standard (AS 22) on "Accounting for Taxes on
Income" as notified by the Companies (Accounting Standards) Rules, 2006
(as amended), and based on general prudence, the Company has not
recognised any Deferred tax Asset while preparing the accounts for the
current year.
4. In the opinion of the management, the current assets, loans and
advances are expected to realise at least the amount at which they are
stated, if realised in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
5. Disclosure of Sundry Creditors under current liabilities is based
on the information available with the Company regarding the status of
the suppliers as defined under the "Micro, Small and Medium Enterprises
Development Act, 2006" and relied upon by the Auditors.
6. Details of total outstanding dues to Micro and Small Enterprises as
per Micro, Small and Medium Enterprise Development Act, 2006.
Particulars 31.03.2012 31.03.2011
Rs. Rs.
The principal amount and the interest due Nil Nil
thereon (to be shown separately) remaining
unpaid to any supplier as at the end
of each accounting year.
The amount of interest paid by the Nil Nil
buyer in terms of Section 16, of the
Micro, Small and Medium Enterprise
Development Act, 2006 along with the
amounts of the payment made to the
supplier beyond the appointed day each
accounting year
The amount of interest due and payable for Nil Nil
the period of delay in making payment
(which have been paid but beyond the
appointed day during the year) but
without adding the interest specified
under Micro, Small and Medium Enterprise
Development Act, 2006.
The amount of interest accrued and
remaining unpaid at the end of each Nil Nil
accounting year; and
The amount of further interest remaining
due and payable even in the succeeding
years, until such date when the interest
dues as above are actually paid to the
small enterprise for the purpose of
disallowance as a deductible expenditure
under Nil Nil
Section 23 of the Micro, Small and Medium Enterprise Development Act,
2006.
7. The company's main business is manufacturing of various equipment
and machinery and all other activities of the company revolve around
the main business and as such there are no separate reportable business
segments as per the Accounting standard " Segment Reporting"(AS 17)
8 The details of the transactions with related parties to be disclosed
as required by Accounting Standard -18 are as follows.
a) Names of Related parties and description of relationship.
i) Key Management Personnel : Sri Sreedhar Chowdhury.
: Managing Director.
ii) Relatives of Key Management : Not Applicable
Personnel ii) Associates : Oxeeco Meditek Private Limited
: Oxeeco Technologies Private
Limited,
: The Oxeeco Limited.
: Fusion Lastek Technologies
Private Limited
9. Contingent Liabilities not provided for an account of 31.03.2012
31.03.2011
(amount in Rupees)
a) Claims against the company not acknowledged 16,49,505 16,29,705 as a
debits
b) Demands from Sales Tax Department disputed by the company pending in
appeals to extent not provided for 1,25,101 1,25,101
10. Having regard to the losses incurred ,the Company does not have any
Current tax at present and has unabsorbed depreciation and carried
forward business losses available for set off under the Income Tax Act,
1961 In view of inability to assess future taxable income, the extent
of net deferred tax asset which may be adjusted in the subsequent years
is not ascertainable with virtual certainty at this stage and
accordingly in terms of Accounting Standard (AS 22) on "Accounting for
Taxes on Income" as notified by the Companies (Accounting Standards)
Rules, 2006 (as amended), and based on general prudence, the Company
has not recognized any Deferred Tax Asset while preparing the accounts
for the current year.
11. In terms of Accounting Standard (AS 28) on "Impairment of Assets",
as notified by the Companies (Accounting Standards) Rules, 2006 (as
amended), the management has carried out the assessment of impairment
of assets and no impairment loss has been recognized during the year.
12. Previous year figures are regrouped and reclassified where ever
necessary to make them comparable with those of current year.
Mar 31, 2010
1. NATURE OF OPERATIONS
Incon Engineers Limited (the Company) has been incorporated on
13-02-1970. At present the Company is engaged in the business of
manufacturing of Chemical process equipment and agricultural machinery.
2. Disclosure of Sundry Creditors under current liabilites is based on
the information available with the Company regarding the status of the
suppliers as defined under the "Micro, Small and Medium Enterprises
Development Act, 2006" and relied upon by the Auditors. During the year
the Company has paid no interest in terms of Section 16 of the said
Act.
3. In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provision
for all known liablities have been adequately made in the accounts.
4. Contingent Liabilities not provided
for oh account of 2009-10 2008-09
Rs. Rs.
5. The Companys main business is manufacturing of chemical process
equipment and agricultural machinery and all other activities of the
Company revolve around the main business and as such there are no
separate reportable business segments as per the Accounting Standard
"Segmental Reporting" (AS17)
6. The details of the transactions with related parties to be
disclosed as required by Accounting Standard -18 are as follows.
a) Names of related parties and description of relationship.
i) Key Management Personnel : Sri Sreedhar Chowdhury,
Managing Director.
ii) Relatives of Key
Management Personnel : Smt. R. Chowdhury,
W/o Sri Sreedhar Chowdhury.
iii) Associates : Oxeeco Meditek Pvt,Ltd,
: Oxeeco Technologies Pvt .Ltd,
: The Oxygen Equipment &
Engineering Co.Ltd., : Fusion Lastek Technologies Pvt. Ltd.
7. In lerms of Accounting Standard (AS-22) on "Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
there is a net deferred tax asset as on 31st March, 2010. In compliance
with the provisions of the Accounting Standard and based on general
prudence, the Company has not recognized the said deferred tax asset
while preparing the accounts for the current year.
8. The Management has carried out the assessment of impairment of
assets and no impairment loss has been recognized during the year.
9. Previous year figures are regrouped and reclassified wherever
necessary to make them comparable with those of current year.
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